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OoO · 2018年11月16日

问一道题:NO.PZ2015121810000042

问题如下图:

    

选项:

A.

B.

C.

解释:


请问该题问的是什么?如何理解选项B?

2 个答案

Shimin_CPA税法主讲、CFA教研 · 2018年11月19日

可以的, 投资者更喜欢在当前消费,所以 m 变小

Shimin_CPA税法主讲、CFA教研 · 2018年11月17日

这道题问的是future consumption outcomes与equity return的关系。也就是说未来消费增加,那么股票收益是增加还是减少的?

题目第一行说,这个投资者要求large equity risk premium。承担的risk premium越大,要求的收益补偿就会越高,所以equity return是增加(+)的。经济好的时候,股票收益才会增加。

所以接下来就是思考,经济好的时候,未来消费是怎样的?经济好的时候,当前的消费和未来的消费都会增加(+)。

所以这两者是正相关的关系。

 

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